In a largely cash-driven rural India, the government's surprise move to scarp Rs 500 and 1,000 notes to check black money crisis has hit people hard as some of them even don't have bank accounts and are scrambling to get cash to meet their daily needs.

Dr Rajan, a former International Monetary Fund chief economist, has been popular with foreign investors for his efforts to tackle inflation and helping to rescue India from its worst crisis in more than two decades when he took the helm in 2013.

Analysts warn the rupee - already Asia's worst performing currency against the U.S. dollar this year - continues to look vulnerable ahead of September, when dollar term deposits that the country raised from citizens abroad in 2013 start to mature.

At least 300,000 children across India are drugged, beaten and forced to beg every day, in what has become a multi-million rupee industry controlled by human trafficking cartels, police and trafficking experts said.

The RBI is also expected to intervene frequently, as it did on Thursday, with traders also anticipating more actions in futures markets after the central bank said in December it was open to that prospect.

The rupee fell on Thursday to its weakest since September 2013, when the country was still in the midst of its worst market turmoil in more than two decades, tracking falls in most Asian currencies against the dollar as oil prices plunged.

State Bank of India chairperson Arundhati Bhattacharya on Monday described the massive fall in the rupee to be "driven by apprehensions" about the crisis in China and asserted it does not indicate any fundamental issues with Indian economy.

Indian stock markets fell sharply for a second consecutive session on Friday. The BSE Sensex came close to breaching the psychological 27,000 mark, while the Nifty slipped below the key 8,250 levels in morning trade.

Commerce and Industry Minister Nirmala Sitharaman on Monday said the government is "very closely" monitoring the developments in Greece as that could have implications on the international currency market.

On the likely impact of the crisis on Indian economy, he said, "In these situations what mostly happens is there is flight to dollars, to a safe haven. Rupee might also be affected by that. But nothing gets unusual at all so far."

In a largely cash-driven rural India, the government's surprise move to scarp Rs 500 and 1,000 notes to check black money crisis has hit people hard as some of them even don't have bank accounts and are scrambling to get cash to meet their daily needs.

Dr Rajan, a former International Monetary Fund chief economist, has been popular with foreign investors for his efforts to tackle inflation and helping to rescue India from its worst crisis in more than two decades when he took the helm in 2013.

Analysts warn the rupee - already Asia's worst performing currency against the U.S. dollar this year - continues to look vulnerable ahead of September, when dollar term deposits that the country raised from citizens abroad in 2013 start to mature.

At least 300,000 children across India are drugged, beaten and forced to beg every day, in what has become a multi-million rupee industry controlled by human trafficking cartels, police and trafficking experts said.

The RBI is also expected to intervene frequently, as it did on Thursday, with traders also anticipating more actions in futures markets after the central bank said in December it was open to that prospect.

The rupee fell on Thursday to its weakest since September 2013, when the country was still in the midst of its worst market turmoil in more than two decades, tracking falls in most Asian currencies against the dollar as oil prices plunged.

State Bank of India chairperson Arundhati Bhattacharya on Monday described the massive fall in the rupee to be "driven by apprehensions" about the crisis in China and asserted it does not indicate any fundamental issues with Indian economy.

Indian stock markets fell sharply for a second consecutive session on Friday. The BSE Sensex came close to breaching the psychological 27,000 mark, while the Nifty slipped below the key 8,250 levels in morning trade.

Commerce and Industry Minister Nirmala Sitharaman on Monday said the government is "very closely" monitoring the developments in Greece as that could have implications on the international currency market.

On the likely impact of the crisis on Indian economy, he said, "In these situations what mostly happens is there is flight to dollars, to a safe haven. Rupee might also be affected by that. But nothing gets unusual at all so far."

The rupee may see some indirect impact from the Greece crisis, even though India has limited direct exposure to the European nation in terms of trade, Reserve Bank of India chief Raghuram Rajan said on Thursday.

In line with equities, the rupee recovered from initial losses, but still ended lower against the US dollar by tumbling 20 paise due to the looming debt default crisis in Greece amidst month-end demand for the greenback from importers.

The BSE Sensex fell over 3 per cent on Tuesday in its biggest loss since the rupee crisis in 2013. An unrelenting slide in oil prices and political uncertainty in Greece weighed on stock markets across the globe.

The BSE Sensex and Nifty fell more than 2 per cent on Tuesday as Indian stock markets headed for their biggest daily loss since the midst of the rupee crisis in 2013. An unrelenting slide in oil prices and political uncertainty in Greece weighed on stock markets across the globe.

Finance Minister Arun Jaitley on Friday said there is no "serious crisis" in the rupee. Speaking in Rajya Sabha, he blamed the rising dollar for the recent weakness in the rupee and said the strength in the US currency posed a "serious challenge" for emerging markets.

The BSE Sensex slumped to a two-month low of 26,500 on Wednesday, while the rupee weakened to 63.89 per dollar - a level not seen since November 2013. The sudden fall in Indian stock and currency markets has been triggered by an economic crisis in Russia, where the rouble crashed to 80 per dollar on Tuesday, a slide of 23 per cent in 24 hours despi...

Reserve Bank of India Governor Raghuram Rajan on Monday said his warning about a global markets "crash" last week was not aimed to "preempt" another crisis, but to highlight the pitfalls of using monetary policy to revive growth.

BSE Sensex and Nifty were mostly flat while trading was in a very narrow range. Though global markets were mostly higher, concerns over rising oil prices capped gains in Indian markets and put pressure on the rupee.

BSE Sensex and Nifty moved higher on Thursday on positive global markets after the Federal Reserve gave a positive assessment of the US economy and committed to retaining accommodative monetary policy.